UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) April 26, 2013
SP Bancorp, Inc.
(Exact name of registrant as specified in its charter)
| Maryland | 001-34933 | 27-3347359 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
| 5224 West Plano Parkway Plano, Texas |
75093 | |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (972) 931-5311
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 8.01 Other Events.
SP Bancorp, Inc. has identified an immaterial error in a disclosure appearing in its Annual Report on Form 10-K for the year ended December 31, 2012 filed with the Securities and Exchange Commission on March 6, 2013 (the “Form 10-K”). The table appearing on page 62 of the Form 10-K included a misclassification of certain amounts listed as “Noninterest-bearing liabilities” and “Equity” in the “2012–Average Outstanding Balance” column. The correct amount for “Noninterest-bearing liabilities” is $23,012 and the correct amount for “Equity” is $33,135. These changes resulted in the amount listed as “Total liabilities” being revised to $252,659. A copy of the corrected table has been reproduced in its entirety below for the convenience of the reader. Other than as described herein, no changes have been made to the Form 10-K.
| For the Years Ended December 31, | ||||||||||||||||||||||||||||||||||||
| 2012 | 2011 | 2010 | ||||||||||||||||||||||||||||||||||
| Average Outstanding Balance |
Interest | Yield/Rate | Average Outstanding Balance |
Interest | Yield/Rate | Average Outstanding Balance |
Interest | Yield/Rate | ||||||||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||||||||||||||
| Interest-earning assets: |
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| Loans |
$ | 223,886 | $ | 11,202 | 5.00 | % | $ | 200,935 | $ | 10,666 | 5.31 | % | $ | 174,778 | $ | 9,774 | 5.59 | % | ||||||||||||||||||
| Securities—taxable |
14,580 | 158 | 1.08 | 19,219 | 327 | 1.70 | 13,023 | 321 | 2.46 | |||||||||||||||||||||||||||
| Securities—nontaxable |
3,042 | 104 | 3.42 | 5,797 | 205 | 3.54 | 1,991 | 74 | 3.72 | |||||||||||||||||||||||||||
| Other interest-earning assets |
25,768 | 141 | 0.55 | 19,454 | 102 | 0.52 | 29,777 | 171 | 0.57 | |||||||||||||||||||||||||||
| FHLB of Dallas stock |
1,343 | 5 | 0.37 | 1,155 | 4 | 0.35 | 1,162 | 4 | 0.34 | |||||||||||||||||||||||||||
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| Total interest-earning assets |
268,619 | 11,610 | 4.32 | 246,560 | 11,304 | 4.58 | 220,731 | 10,344 | 4.69 | |||||||||||||||||||||||||||
| Noninterest-earning assets |
17,175 | 15,946 | 10,208 | |||||||||||||||||||||||||||||||||
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| Total assets |
$ | 285,794 | $ | 262,506 | $ | 230,939 | ||||||||||||||||||||||||||||||
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| Interest-bearing liabilities: |
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| Savings deposits |
36,851 | 41 | 0.11 | 33,343 | 69 | 0.21 | $ | 33,319 | $ | 85 | 0.26 | |||||||||||||||||||||||||
| Money market |
39,049 | 81 | 0.21 | 41,262 | 138 | 0.33 | 36,471 | 259 | 0.71 | |||||||||||||||||||||||||||
| Demand deposit accounts |
53,555 | 69 | 0.13 | 56,653 | 95 | 0.17 | 51,875 | 131 | 0.25 | |||||||||||||||||||||||||||
| Certificates of deposit |
76,646 | 942 | 1.23 | 68,152 | 1,040 | 1.53 | 60,758 | 1,185 | 1.95 | |||||||||||||||||||||||||||
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| Total deposits |
206,101 | 1,133 | 0.55 | 199,410 | 1,342 | 0.67 | 182,423 | 1,660 | 0.91 | |||||||||||||||||||||||||||
| Borrowings |
23,546 | 299 | 1.27 | 20,711 | 447 | 2.16 | 19,877 | 457 | 2.30 | |||||||||||||||||||||||||||
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| Total interest-bearing liabilities |
229,647 | 1,432 | 0.62 | 220,121 | 1,789 | 0.81 | 202,300 | 2,117 | 1.05 | |||||||||||||||||||||||||||
| Noninterest-bearing liabilities |
23,012 | 9,737 | 8,869 | |||||||||||||||||||||||||||||||||
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| Total liabilities |
252,659 | 229,858 | 211,169 | |||||||||||||||||||||||||||||||||
| Equity |
33,135 | 32,648 | 19,770 | |||||||||||||||||||||||||||||||||
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| Total liabilities and equity |
$ | 285,794 | $ | 262,506 | $ | 230,939 | ||||||||||||||||||||||||||||||
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| Net interest income |
$ | 10,178 | $ | 9,515 | $ | 8,227 | ||||||||||||||||||||||||||||||
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| Net interest rate spread (1) |
3.70 | % | 3.77 | % | 3.64 | % | ||||||||||||||||||||||||||||||
| Net interest-earning assets (2) |
$ | 38,972 | $ | 26,439 | $ | 18,431 | ||||||||||||||||||||||||||||||
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| Net interest margin (3) |
3.79 | % | 3.86 | % | 3.73 | % | ||||||||||||||||||||||||||||||
| Average of interest-earning assets to interest-bearing liabilities |
116.97 | % | 112.01 | % | 109.11 | % | ||||||||||||||||||||||||||||||
| (1) | Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities. |
| (2) | Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities. |
| (3) | Net interest margin represents net interest income divided by average total interest-earning assets. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SP BANCORP, INC. | ||||||
| Date: April 26, 2013 |
/s/ Suzanne C. Salls | |||||
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| Suzanne C. Salls | ||||||
| Executive Vice President and Chief Financial Officer | ||||||